The Limited Liability Partnership or LLP is meant to combine the best of both worlds - the protection of company with the legal convenience of a partnership.
The newspapers recently reported that audit firms have taken this route.
KPMG is the latest of the major audit firms to have converted from a partnership to an LLP. Ernst and Young, and Deloitte and Touche were reported to have converted earlier this year.
(original post - October 2008)
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